Operating Companies
AEROJET ROCKETDYNE HOLDINGS, INC.
(NYSE: AJRD)
5.5% owned*
Aerojet Rocketdyne Holdings, formerly GenCorp, is a technology based company that provides innovative solutions to its customers in the aerospace and defense markets.
*as of September 30, 2017

API Group
(NYSE: SPLP)
91.2% owned*
API is a leading manufacturer and distributor of foils, laminates and holographic materials which provide exceptional brand enhancement for consumer goods and printed media worldwide.
*as of September 30, 2017

Aviat
12.7% owned*
Aviat is the trusted expert in microwave networking. Better solutions from experts you can trust, Aviat enables the highest performing networks, simplest operations, and best customer experiences.
*as of September 30, 2017

FastenMaster
100% owned*
FastenMaster is a division of OMG, Inc. headquartered in Agawam, Massachusetts. Our company was founded in 1981.
From developing new products to innovating new building practices, the voice of the PRO contractor remains our guiding force.
*as of October 12, 2017

HandyTube Corp
100% owned*
HandyTube is a leading manufacturer of seamless, stainless steel and nickel alloy tubing for a wide range of applications and markets.
*as of October 12, 2017

iGo
45% owned*
iGo has been a provider of mobile accessories since 1995, offering premium power management solutions and accessories for laptop computers and electronic mobile devices that enhance the possibility of living life fully charged.
*as of September 30, 2017

IndianaTube Corp
100% owned*
Indiana Tube Corporation is a steel tube manufacturer specializing in welded, low carbon & HSLA steel tube.
*as of October 12, 2017

JPS Composite Materials Corp
100% owned*
JPS Composite Materials is an ISO-9001 certified US based weaver of composite reinforcement and ballistic protection fabrics. JPS Composite Materials includes the legacy Clark Schwebel and JPS Industrial Fabrics/JPS Glass operations.
*as of October 12, 2017

Kasco SharpTech
100% owned*
KASCO is the industry leader in providing metallic blade products for the meat cutting, food cutting, and wood cutting industries to the global market.
*as of October 12, 2017

Lucas-Milhaupt, Inc
100% owned*
Lucas-Milhaupt is a global provider and leading producer of metal joining products and services for thousands of companies worldwide.
*as of October 12, 2017

MTE Corp
100% owned*
MTE Corporation was formed in 1982 by bringing together Milwaukee Transformer Co., Transformer Design Inc. and Milwaukee Electronics Corp. – companies that specialized in different fields of magnetics and transformer designs and were long established in their respective fields.
*as of October 12, 2017

OMG
100% owned*
OMG is a leading US manufacturer and global supplier of specialty fasteners, adhesives, tools, and related products for the commercial and residential construction markets.

SL-MTI
100% owned*
MTI is a manufacturer and developer of precision, high performance electric motors, drives, and controllers in addition to precision winding components. We serve both the aerospace and commercial markets.
*as of October 12, 2017

SL Power Electronics
100% owned*
SL Power Electronics is a global leader of differentiated power conversion solutions. SL Power offers Original Equipment Manufacturers (OEM’s) turnkey power conversion solutions for their most mission critical applications, ranging from standard products to modified standard and completely custom solutions.
*as of October 12, 2017

Steel Connect
(NASDAQ GS: STCN)
46% owned*
Steel Connect, Inc. is a publicly-traded diversified holding company (Nasdaq Global Select Market symbol “STCN”) with two wholly-owned subsidiaries ModusLink Corporation and IWCO Direct that have market-leading positions in supply chain management and direct marketing.
*as of December 2017

Steel Energy Services
100% owned*
Steel Energy Services provides well servicing, workover and other services to the oil and gas industry.
*as of February 7, 2017

Steel Sports
100% owned*
Founded in 2011, Steel Sports Inc., a subsidiary of Steel Excel Inc., is dedicated to acquiring, building, and strengthening a network of branded participatory and experience-based businesses engaged in sports, training, education, entertainment and consumer lifestyle.
*as of February 7, 2017

WEBBANK
100% owned*
WebBank is headquartered in Salt Lake City, Utah, and is an FDIC-insured, state-chartered industrial bank that provides customized consumer and commercial financing solutions on a nationwide basis. WebBank is a leading provider of closed-end and revolving private-label and bank card financing programs.
*as of September 30, 2017

Acquisition Interests
Steel Partners and its affiliates comprise a global diversified portfolio of product and service businesses. Together, our businesses generate over $3.4B in revenue, and employ over 13,300 employees in 18 countries. We are interested in growing our portfolio of publicly-traded and private companies through acquisition. We prefer profitable acquisition targets, but we will consider unprofitable bolt-on targets.

Our Focus
Steel Partners focuses on enhancing long-term value through the implementation of operational and strategic programs, including operational excellence, strategic sourcing, corporate development, legal and other shared services.

New Platforms
We are interested in new industrial or aerospace/defense businesses with $25-75MM of EBITDA. We prefer companies with gross margins above 20%, high return on invested capital, sustainable competitive advantages and strong brands. We like businesses participating in structural changes where the business is positioned to gain market share. We will consider a transaction or series of transactions for up to $1B in enterprise value.

Alternatives
We are interested in purchasing all or a significant portion of a private equity fund that is beyond its investment period, and we believe that our approach could yield significant advantages to the limited partners and general partner. We are willing to work with the general partner and share fees and upside based on attaining mutuallyagreed performance goals. We would be willing to look at portfolios of up to $1B in enterprise value.

Special Situations
We have significant experience in working through pre-bankruptcy and bankruptcy issues. We prefer situations where the business has the characteristics stated above, but where the balance sheet is challenged and where our balance sheet can provide a meaningful improvement to the company’s outlook.